BEIJING, July 7 Asia Pulse - China has allocated some 5 billion yuan (US$773.1 million) as special fund to support the development of the Internet of Things (IOT), and the fund is scheduled to be distributed step by step in the coming five years, according to China Securities Journal, citing an unnamed authoritative source.
China has already invited companies to apply funding from for the country's first IOT fund of 500 million yuan, said the source.
The Ministry of Industry and Information Technology (MIIT) has selected more than 100 qualified companies from over 600 companies who submitted their applications.
More qualified companies are to be selected in the future, but the exact final number of the selected companies that will benefit from the special fund is still unknown, it added.
The IOT, the so-called third wave of the information industry after the personal computer and the Internet, is a network of real-world objects linked to the Internet that interact through Web services.
The MIIT and the Ministry of Finance (MOF) jointly rolled out specific regulations on the management of IOT special funds in April, which will be chiefly used to support IOT technology R&D, pilot demonstrations and applications, industrialization, as well as related IOT public services projects.
(XIC) ms 07-07 1349
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